It somehow displays a brick like pattern! What is happening is this.
-First the X is displayed at x position of 0. The leftmost column is 00=00
-Next the Y is displayed at x position of 1. The leftmost column is 00===
The y overwrites all but the first column of the x, leaving the part we want
-This process continues, with each character overwriting the other characters, but with the first columns of all 5 characters being left behind, forming the sprite you want.

000=0
000=0

0=000
0=000 //This is an attempt to replicate the sprite using ASCII ;)

The line of code at the end is to make sure that the rest of the X at the end gets erased as well.

This technique can be used in games to create very detailed maps and images, as the text sprites are quick to make, and very flexible. Almost any 5x5 sprite can be created with the right combination of characters. There are even programs that will create the text for you.